CIBC Increases Cenovus Energy (TSE:CVE) Price Target to C$35.00

Cenovus Energy (TSE:CVE) (NYSE:CVE) had its price objective raised by equities research analysts at CIBC from C$31.00 to C$35.00 in a research note issued on Monday, BayStreet.CA reports. The firm currently has an “outperform” rating on the stock. CIBC’s price target indicates a potential upside of 20.44% from the company’s previous close.

Several other brokerages have also recently issued reports on CVE. BMO Capital Markets raised their target price on Cenovus Energy from C$29.00 to C$33.00 in a research report on Thursday, March 28th. Royal Bank of Canada increased their target price on shares of Cenovus Energy from C$28.00 to C$32.00 in a report on Tuesday, April 9th. Desjardins lifted their price target on shares of Cenovus Energy from C$28.00 to C$29.50 and gave the company a “buy” rating in a report on Friday, March 22nd. Jefferies Financial Group increased their price objective on shares of Cenovus Energy from C$28.00 to C$36.00 and gave the stock a “buy” rating in a research note on Friday, April 12th. Finally, JPMorgan Chase & Co. lowered their target price on shares of Cenovus Energy from C$35.00 to C$34.00 in a research note on Thursday, January 11th. One equities research analyst has rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of C$33.35.

Cenovus Energy Price Performance

Shares of TSE:CVE opened at C$29.06 on Monday. Cenovus Energy has a 1-year low of C$19.82 and a 1-year high of C$29.96. The company has a debt-to-equity ratio of 34.64, a current ratio of 1.56 and a quick ratio of 1.00. The business has a fifty day moving average price of C$26.03 and a 200-day moving average price of C$24.43. The company has a market capitalization of C$54.34 billion, a PE ratio of 13.71, a PEG ratio of 0.09 and a beta of 2.78.

Cenovus Energy (TSE:CVE) (NYSE:CVE) last issued its quarterly earnings results on Thursday, February 15th. The company reported C$0.39 earnings per share for the quarter, beating the consensus estimate of C$0.33 by C$0.06. Cenovus Energy had a return on equity of 14.60% and a net margin of 7.87%. The firm had revenue of C$13.13 billion during the quarter, compared to the consensus estimate of C$13.06 billion. During the same period last year, the company earned $0.39 earnings per share. As a group, equities analysts expect that Cenovus Energy will post 2.6887232 EPS for the current fiscal year.

Insider Activity

In other news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the business’s stock in a transaction that occurred on Monday, April 8th. The stock was sold at an average price of C$29.21, for a total transaction of C$525,835.80. In related news, Senior Officer Rhona Marie Delfrari sold 18,000 shares of the business’s stock in a transaction on Monday, April 8th. The stock was sold at an average price of C$29.21, for a total transaction of C$525,835.80. Also, Senior Officer Andrew Dahlin sold 20,000 shares of the business’s stock in a transaction on Tuesday, March 26th. The shares were sold at an average price of C$27.08, for a total value of C$541,682.00. In the last 90 days, insiders have sold 87,000 shares of company stock valued at $2,414,507. 31.50% of the stock is currently owned by insiders.

About Cenovus Energy

Cenovus Energy Inc, together with its subsidiaries, develops, produces, refines, transports, and markets crude oil, natural gas, and refined petroleum products in Canada and internationally. The company operates through Oil Sands, Conventional, Offshore, Canadian Refining, and U.S. Refining segments.